Ontario budget 2014: Liberals not worried about credit downgrade

The Ontario Liberal government will be presenting its budget today, dismissing claims that it will lead to a pricey downgrade for the provinces credit rating.

Concerns about the provinces ability to eradicate the $12.5 billion deficit in three years lead New York-based Moodys to lower Ontarios outlook from stable to negative.

Moodys made it clear it didnt approve of the budget on May 1, according to Interim Progressive Conservative Leader Jim Wilson.

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Rejection of the May 1 budget by oppositions parties lead to Junes provincial election. The subsequent majority win by Kathleen Wynnes Liberals means the exact same budget will be tabled today.

The budget was "a hodgepodge of new programs and expanded spending" that Ontario simply cannot afford, said Wilson.

However, Finance Minister Charles Sousa says the credit rating agencies like the fact the Liberals won a majority on June 12, saying investors are pleased there is a "more stable" government.

NDP Leader Andrea Horwath says she has concerns that the budget will allow "the wholesale sell-off" of assets like the LCBO and Hydro One and that the Liberals aren't coming clean about the need for massive layoffs to balance the books.